Several Oil Marketing Companies (OMCs) have begun raising the prices of petroleum products at the pump.

Shell is at the forefront, with petrol priced at ₵15.10 per litre and diesel at ₵15.25.

OMCs informed JoyBusiness that the price hikes are attributed to the increasing cost of crude oil on the global market and the depreciating cedi.

The future outlook for petroleum prices remains bleak as the cedi shows no immediate signs of stabilizing against the dollar in the near term.

COPEC Analysis

Previously, the Chamber of Petroleum Consumers (COPEC) predicted a 4.0 percentage point increase in petroleum prices starting Tuesday, July 16, 2024.

COPEC noted that retail prices for petrol, diesel, and LPG are expected to rise due to the cedi’s depreciation against the dollar, with the exchange rate shifting from $1.2779 to $1.462 (-1.205%).

Duncan Amoah, COPEC’s Executive Secretary, provided the anticipated price adjustments: Petrol at GHS14.795 per litre, Diesel at GHS15.332 per litre, and LPG at GHS16.205 per kilogram, with a 14.5 kg cylinder reaching GHS234.97.

COPEC has urged the government to either reduce taxes or subsidize LPG to enhance accessibility and safeguard the environment.